September 26, 2019 / 4:30 AM / 22 days ago

African Markets - Factors to watch on Sept. 26

    NAIROBI, Sept 26 (Reuters) - The following company
announcements, scheduled economic indicators, debt and currency
market moves and political events may affect African markets on
Thursday.
    - - - - -
 EVENTS:
 *UK court to rule on Nigerian effort to stop $9bln
 arbitration award. Nigeria is asking UK courts to stop
 enforcement of an August court ruling that would put $9
 billion of its assets at risk of seizure over an unpaid
 arbitration bill related to a failed gas project.
 
 * Ethiopia to hold press conference on progress of
 privatisation of state-owned companies. Ethiopia has
 previosuly announced it would sell its minority stake in the
 state-run telecoms operator Ethio Telecom.
 
 * South Africa Q2 formal employment numbers. Statistics
 South Africa to release non-agriculture sector employment
 numbers for the three months to end June.
 
 
 GLOBAL MARKETS
 Asian stocks rose on Thursday as hopes the United States and
 China may soon end their year-long trade war boosted demand
 for riskier assets while worries about a U.S. presidential
 impeachment bid ebbed.                        
 
 WORLD OIL PRICES
 Oil prices held nearly flat on Thursday after U.S. President
 Donald Trump said a resolution to the China-U.S. trade rift
 would come sooner than expected, helping to stave off
 pressure from rising oil supplies and worries about global
 growth.                  
 
 EMERGING MARKETS
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 AFRICA STOCKS
 For the latest news on African stocks, click on     
 
 
 SOUTH AFRICA FDI
 South Africa saw larger foreign direct investment (FDI)
 inflows in the second quarter than the first quarter as
 domestic firms received debt and equity funding from foreign
 parent companies, central bank data showed on Wednesday.
             
 
 
 KENYA BANKING   
 Kenya's parliament on Wednesday rejected a Finance Ministry
 request to scrap commercial lending rate caps that critics
 say have led to a credit squeeze, a lawmaker who was present
 during a vote on the 2019/20 (July-June) fiscal budget said.
             
 
 
 SIBANYE-STILLWATER LAYOFFS
 South African miner Sibanye-Stillwater SGLJ.J said on
 Wednesday it planned to cut around 5,270 jobs, or about 6%
 of its workforce, as it restructures its loss-making
 Marikana operations that it acquired this year.             
 
 
 KENYA JAMBOJET
 Kenya's first low-cost airline, Jambojet, plans to more than
 double its annual passengers to 1.5 million in the next
 three years by opening new routes in East Africa and flying
 planes more often, its chief executive said on Wednesday.
             
 
 
 SOUTH AFRICA MARKETS
 South Africa's rand weakened on Wednesday after the launch
 of a formal impeachment inquiry against U.S. President
 Donald Trump rattled global markets.             
 
 
 ARCELORMITTAL ASSET REVIEW        
 ArcelorMittal's South Africa unit ACLJ.J said on Wednesday
 it may close some operations pending a review as it looks to
 strengthen its long-term sustainability and battle cheap
 imports, rising costs and a flagging local economy.
             
 
 
 SOUTH AFRICA CLOVER    
 South Africa's Competition Tribunal on Wednesday approved
 dairy firm Clover Industries Ltd's CLRJ.J takeover by Milco
 SA, a consortium headed by Israeli beverage firm Central
 Bottling Company (CBC), for 4.8 billion rand ($319.5
 million).                          
 
 
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